|By Marketwired .||
|May 20, 2014 08:40 AM EDT||
LOS ANGELES, CA--(Marketwired - May 20, 2014) - Los Angeles based ecommerce startup Clearance.co, a wholly owned subsidiary of Development Capital Group, Inc. (OTCQB: DLPM), generated $2.1 million in revenue from its inception in April 2013 to December 2013, generating over $150,000 on Cyber Monday alone.
The flashsales site sells personal goods such as clothing, accessories, electronics, and home furnishings to over 550,000 users, and is on target to reach $10 million in revenue for 2014.
Founder and CEO, Shahbod Rastegar, said: "In a multibillion dollar industry, Clearance.co has a proven business model and a loyal and rapidly growing customer base."
"Our ability to acquire and convert users into paying customers combined with our understanding of customer service is a winning recipe for success."
Clearance.co has raised a total of $803k investment, which is a relatively small amount compared to the cumulative millions raised by its competitors.
Clearance.co is revolutionizing the shopping experience by bringing customers the finest quality, the best selection, the best service, and the lowest priced merchandise. Working directly with Manufactures and Distributors, Clearance is the premier online destination for closeout and clearance products.
Clearance.co is headquartered in Los Angeles, California.
About Development Capital Group:
Development Capital Group, Inc. (OTCQB: DLPM) invests in and develops businesses and technologies with significant potential for growth and customer acquisition. Analyzing market trends and looking for opportunities to leverage indepth understanding of technologies to create efficiencies for underserviced sectors. DLPM's mandate is to execute with businesses or teams that have proprietary tools or intellectual property but require funding and business development to grow the business and market share.
Development Capital Group recently announced its acquisition of Clearance.co, one of the fastest growing startup ecommerce websites in the world, acquired for approximately USD 40 million in an allstock transaction.
Safe Harbor Statements
This press release contains certain forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's results of operation, financial position and longterm strategies. These forwardlooking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, and fraud. More information about factors that potentially could affect the Company's financial results are included in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10Q or 10K and subsequent filings. Furthermore, the Company disclaims any intention or obligation to update or revise any forwardlooking statements, whether as a result of new information, future events, or any other occurrence.
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